Commodities

OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel

Curbs set to keep market in slight deficit in coming months
Alliance next meets in June to determine future supply

WATCH: Oil rose toward a five-month high after OPEC+ confirmed it would maintain its existing supply cuts through the end of June. Stephen Stapczynski reports.Source: Bloomberg

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By Grant Smith, Salma El Wardany, Fiona MacDonald, and Nayla Razzouk

April 3, 2024 at 11:36 AM UTC

Updated on

April 3, 2024 at 12:11 PM UTC

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OPEC+ chose to stick with oil supply cuts for the first half of the year, keeping global markets tight and potentially sending prices higher.

A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Wednesday, according to a statement posted on the group’s website. That means roughly 2 million barrels a day of output curbs will remain in place until the end of June.